In COVID interest on late payment of TCS is reduced to 9%. But when i filled TCS Return with caluculation of TCS Interest @ 9 % then return is processed with defaults and default is of less Interest deposited. They are calculating interest @12%p.a. How can we take benefit of 9% ? Should we deposit Interest demand raised by them?

A Partnership Firm engaged in coaching work at Delhi and has to pay a sum of Rs.200000/- (Two Lacs Only) to a Nepal Resident who provided professional services in India. What is a TDS liability of Indian Partnership firm.

Vipin Kumar
Haryana

hello please guide me how i can calculated 42/43 reversal

i have find ITC reversal amount through following formula _ Exempted turnover /Total Turnover

kindly guide exempted turnover definition ??? as per my knowledge exempted turnover means Zero rated sales (export Sales )+ Nil rated sales +Non GST sales

Kindly guide

A freelancer software consultant likely to have 25-30lakhs turnover p.a for the current year from export software services has obtained recently the following registrations,
1. GST Regn
2. LUT fiing
3. IEC Regn

He provides his services via Upwork website-
1. Where he provides services to American clients but receives forex from Upwork.
2. Also, he sometimes directly provides services to American clients and receives forex in his payment gateway directly from American clients(ex:paypal)

In both the above cases, neither Upwork nor American client asks for his Export bill because they maintain a statement of hours worked and based on that they pay the Software consultant.

So, to satisfy LUT conditions in gst one has to
1. To receive forex (consideration) for his services
2. Obtain BRC/FIRC from the bank
and
3. Raise an Export Invoice for Services

In the said case, he receives forex and can request the banker for BRC/FIRC.

But how do we invoice the Upwork website or the American client ?

My doubts here are,
1. Should we raise an Export Invoice and mail them
2. Does our Invoice need acceptance from the recipient of Services
3. Or can we just raise the Invoice and keep it in our records and not submit to them.

Kindly guide me over these doubts. Also, kindly let me know if i have missed any points as far as export of services are concerned.

Please solve this problem.
Coimbatore cotton mills is engaged in the business of growing cotton and manufacturing thread. For the financial year 2019-20, the company manufactured 5000 spools of thread and sold them for value of 60,00,000. They used 2000 bales of cotton grown by them. The market price per Bale of cotton is 1500. Cultivation expenses incurred for producing 2000 bales of cotton was 38,00,000. Determine the business income chargable to tax for A.Y 2020-21.

Hello,

 My query is regarding 7.75% RBI Savings (Taxable) Bonds issued in January 2018. If I opt for the Cumulative option , how will the interest be credited to me? Will I receive the entire interest on maturity ? Or will it accrue every year and I will have to show it as income in my ITR every year?

In other words, will TDS be deducted in one go at the end of maturity when all interest is paid to me? Or will TDS be deducted every year on the interest amount that accrues to me every year?

Thanks in Advance

A gst registered regular scheme dealer service income from functional hall rents.
Income and expenses detailes for one month:
Rental income from functional hall rs.3 lacs
Advance from customers rs.50,000/-
Salary paid to workers rs.15000/-
Electricity charges paid rs.20000/-
Cleaning charges rs.1000/-
Staff welfare exp rs.500/-
How to calculate input itc value and output itc claim value and net gst payble show in gstr3b and gstr1 returns.

A limited co. Wants to recruite candidates for a post.
Wheather gst is applicable on application form fee.

Respected sir,
My client cancelled gst Registration no. through gst portal because His business turnover within limits and filed nill return....Gst no. Cancelled but still he login in it but no return available....while doing business he needs Gst no...How we get new GST registration no....due to Gst cancelled but still login in it but can't available return...
Suggest how to get new registration no?

Do reply sir

Thanking you

If provision for diminution in the value of the current investment is debited in the statement of profit and loss, will it be disallowed while making computation of taxable, and if yes, under what section?
Thanks in advance.